Wavestone helps Irish Bank achieve over 25% savings on their Network, Telephony, and Contact Centre costs.
As their network and telephony contracts approached their termination date, an Irish bank found themselves facing repeated service issues with their legacy network services. Therefore, they decided it was necessary to re-tender for more robust, flexible and cost effective WAN, LAN, Telephony, Contact Centre and Mobile services. Wavestone were engaged to secure delivery of this procurement in a tight time-frame against an ambitious cost reduction target.
The Challenge
The Bank had repeatedly received poor service from existing suppliers that they were unable to rectify due to ineffective existing contracts. This ultimately soured their supplier relationships and left them with no easy path to service improvement. Any new solutions needed to address these issues in order to help ensure that going forward services would be more reliable, consistent, flexible and cost effective.
Working with the Bank’s team Wavestone produced a tender that focused on three fundamental principles. First, it encouraged suppliers to strive for technical and service innovation in their solutions. Second, it increased their accountability for the performance of their delivered services. Finally, it drove the need to deliver meaningful cost savings to the business. These fundamentals were later supported by robust workable contracts that strongly focused on Service Management.
How did Wavestone help?
Through interviews, data collection and strategic workshops, Wavestone first validated the Bank’s procurement strategy and subsequently wrote a comprehensive tender documentation aligned to the agreed IT and Business requirements. Due to time constraints driven by contract expiration, Wavestone aggressively delivered this phase within 3 weeks of starting the engagement.
In the second phase, Wavestone lead the launch of the tender to suppliers and developed the cost model. Subsequently, Wavestone evaluated the proposals and provided feedback to suppliers on where they needed to improve. This then led to the down-selection of preferred suppliers for each of the Service Lots.
In the last phase, Wavestone drafted contract documentation aligned to the Bank’s Master Service Agreement. Finally, they supported the Bank throughout the negotiation all the way to contract finalisation to ensure a competitive agreement was reached.
The Results
The next generation solutions that Wavestone helped procure provides a substantial uplift in service and technology, all while delivering a projected savings of 25% in the 5-year Total Cost of Ownership. Wavestone successfully delivered this project against an aggressive timeline driven by existing contract expiration.
